The Ministry of Finance has stated that individuals who lack PAN and Aadhaar cards will not be able to participate in the government's small savings scheme, and both documents will be required for Know Your Customer (KYC) purposes. What makes this notification unique is that even accounts opened in children's names or by children for the small savings scheme now require Aadhaar. The Department of Posts, public sector banks, and authorized private banks operate National Savings Schemes, which include Small Savings Schemes such as PPF, SCSS, National Savings Certificate, Monthly Income Scheme, Sukanya Samriddhi Account, Kisan Vikas Patra, Post Office FD, and Recurring Deposit.
Under the guidelines for children, a notification released on March 31, 2023, mandates that proof of Aadhaar number or undergoing Aadhaar authentication is necessary for small savings accounts. Children who wish to take advantage of the scheme must provide their Aadhaar number or proof of having undergone Aadhaar authentication. If they do not have an Aadhaar number or have not yet registered for Aadhaar, they must apply for Aadhaar enrollment, with the consent of their parent or guardian.
Post Office Small Savings Schemes, including Savings Account, National Savings Recurring Deposit, National Savings Fixed Deposit, Monthly Income Scheme, National Savings Certificate, and Kisan Vikas Patra, are available for children aged 10 years and above. Parents or guardians can open a PPF account in the name of a minor, while a Sukanya Samriddhi account can be opened in the name of a girl child below 10 years of age by a parent or guardian.
In addition, Aadhaar is now mandatory for seniors and the elderly to benefit from small savings schemes. To be eligible for the scheme, an individual must provide proof of having an Aadhaar number or undergoing Aadhaar authentication, according to the notification. However, if a person does not have an Aadhaar number or has not yet registered for Aadhaar, they must apply for Aadhaar enrollment before registering for the scheme. They are eligible to receive an Aadhaar card.
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